NEW CFO AT ODYSSEY RE, DEPARTING GIAMMARCO THANKED FOR HIS WORK

Connecticut-based reinsurer Odyssey Re has appointed Scott Donovan as chief financial officer following the announced resignation of Robert Giammarco, effective August 15. In February Odyssey Re admitted that corrections to its accounting for finite reinsurance contracts meant that it would be restating its earnings for 2001, 2002, 2003, 2004 and the first three quarters of 2005. The restatements mainly concerned seven retrocession contracts bought by Odyssey Re between 1998 and 2004, plus two policies written by Odyssey Re. In May, Odyssey Re had its rating outlook revised to stable from negative by Moody’s following the resolution of these issues. The outlook had been shifted to negative from stable in March. CEO Andrew Barnard said that “during his tenure as CFO, Rob Giammarco has made a deep and lasting impression on Odyssey Re. He has added value to our enterprise in innumerable ways, and we wish him the very best of luck in his further pursuits”. Mr Giammarco’s successor Scott Donovan has for the past four years been chief operating officer of TIG Insurance Group, an affiliate of Odyssey Re. Previously he was TIG's chief financial officer for three years.